Oil could fall to lows last seen during the global financial crisis amid a persistent supply surplus, Citigroup Inc. said. “Balances point to further oversupply throughout 2015 begging the question how low can oil go,” Citigroup analysts led by Seth Kleinman said in an e-mailed report Wednesday. The U.S. crude price of $32.40 a barrel reached in 2008 “is a conceivable reality.” Crude has tumbled more than 30 percent since June amid signs that producers are maintaining output even after oil fell back into a bear market. West Texas Intermediate, the U.S. benchmark, fell $1.64 to $40.98 at 12:08 a.m. local time on the New York Mercantile Exchange, the lowest level since March 2009. Prices could keep falling, even below producers’ operating costs, without forcing cutbacks in output, the bank said. Shutting down production is costly and can be permanent, which makes “high-end costs a tentative floor which can […]